Second Quarter Review and 2025 Outlook
Tuesday, July 1, 2025
What just happened? In a quarter that opened with the tumult of a massive new tariff regime-in-formation, markets showed remarkable resilience. The arrival of “Liberation Day” on April 2 triggered pullbacks of 10% or more across the S&P 500® Index, Dow Jones Industrial Average, and NASDAQ Composite indices. However, when the president paused tariffs for three months through July 9th, the bounce back was on; the S&P 500® and NASDAQ would close the quarter at all-time highs. This rally was fueled in part by strong earnings led by technology bellwethers, important to keep in mind as earnings season moves into full swing in July.
Michael Feiler
Partner,
Private Wealth Management
Bernard Picchi, CFA
Managing Director,
Private Wealth Management
Wendy Popowich
Managing Director,
Private Wealth Management
Lorraine R. Salvo, CFP®, CDFA®
Managing Director,
Private Wealth Management & Head of Financial Planning
Dennison T. Veru
Senior Partner,
Chief Investment Officer
Catherine Carpenter, FPQP®
Vice President,
Relationship Manager
Roseann Heffernan
Assistant Vice President,
Client Relations
Arely Quintanilla
Assistant Vice President,
Client Relations
Frank Galdi
Partner,
Chief Risk Officer & Deputy Chief Investment Officer
Amrita Thapa, CFA
Managing Director,
Risk Management & Client Solutions
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Second Quarter Review and 2025 Outlook
What just happened? In a quarter that opened with the tumult of a massive new tariff regime-in-formation, markets showed...
Tuesday, July 1, 2025
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